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Wed 3 Jan 2018, 09:00 GMT

Mixed news keeps oil in tight range


By A/S Global Risk Management.

Oil prices remained in a tight trading range on mixed news. The huge Forties pipeline as well as a Libyan pipeline have both restarted, but the geopolitical risk premium in Iran has increased heavily.

Along with the current unrest in Iran, the U.S. president has refused to certify the international accord on the nuclear deal. The president also continues to spur fears of an escalation of the ongoing nuclear dispute between the U.S. and North Korea.

The Forties Pipeline transports around 450,000 barrels per day of North Sea Brent oil and was closed due to a leak in mid-December. Now the force majeure has been lifted and is "fully operational", according to the operator.

Tonight the weekly oil stocks data from the American Petroleum Institute (API) is published; consensus is draw in crude oil stocks, builds in gasoline and distillates stocks. Tomorrow, the more-closely-followed report from the EIA is published.

Turning to economic data, today will see the U.S. central bank meeting minutes as well as ISM Manufacturing PMI from the U.S. published. Chinese Caixin Services PMI is released overnight. .

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